The listed entity rebranded from Phoenix to Standard Life on 2 March.

Six weeks later it announced the Aegon UK deal: DC platform, fee income.

Seven days after that, the FT reported talks with CVC and Prudential Financial to carve out a bulk annuity spread book.

The original Standard Life demutualised in 2006 on a capital-light pitch: fee-based, DC growth, SIPP and Wrap, the investment case I wrote as IR director at the time. Spread risk was not part of it.

The listed entity is now reverting to that pitch, while handing a chunk of the spread economics to private capital. I don't think the timing is a coincidence. Substack link in the comments. Not investment advice.